Trump: US to add 75M barrels of oil to reserve

President Donald Trump said Monday the United States will purchase as much as 75 million barrels of oil and put it into the strategic reserve for the first time in decades.

Trump made the announcement as oil prices plunged below zero on Monday, the latest never-before-seen number to come out of the economic coma caused by the coronavirus pandemic.

The cost to have a barrel of U.S. crude delivered in May plummeted to negative $37.63, as oil storage tanks run closer to full amid a worldwide glut. Traders are still paying $20.43 for a barrel of U.S. oil to be delivered in June, which analysts consider to be closer to the "true" price of oil.

"If we can buy it for nothing, we're going to take everything we can get," Trump said.